Property sales in Cyprus continue to rise

Property sales in Cyprus rose for the 19th consecutive month in November, new figures show.

The latest official figures published by the Department of Lands and Surveys show that property sales rose by 2 per cent in November 2018 compared to November 2017.

While this growth is far slower than that seen in previous months – 6 per cent in October, 14 per cent in September and 14 per cent in August – a slowdown is expected at this time of year.

Almost half (46.3 per cent) of the 925 properties sold in Cyprus during November were purchased by foreign buyers. Of those 143 (33.4 per cent) were deposited by EU citizens and the remaining 285 (66.6 per cent) by non-EU citizens.

Paphos remains the most popular district with the overseas market with the number of property sales contracts deposited reaching 166, while Limassol recorded 148, Larnaca 50, Famagusta 33 and Nicosia 20.

In the year to date a total of 4,017 sales contracts were deposited by overseas buyers, with 1,293 (32.2 per cent) deposited by EU nationals and 2,724 (67.8 per cent) by non-EU nationals. Limassol is the most popular place for non-EU citizens, while Paphos is favoured by the majority of EU citizens.

Article published 13th December 2018